In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …

principal components estimator, suited to estimate systems of fractionally cointegrated processes. The proposed core inflation … measure is the scaled common persistent factor in inflation and excess nominal money growth and bears the interpretation of … monetary inflation. The proposed measure is characterised by all the properties that an u0093idealu0094 core inflation process …

the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve …

help anchoring inflation expectations. We use survey data on long-term inflation expectations in 15 industrial countries … since the early nineties to investigate how well anchored are inflation expectations. We find that in all countries except … Japan long-term inflation expectations are well anchored and, generally, increasingly so over the past decade. When …

such as the shortterm nominal interest rate, annual inflation and output. …

analysis, an aspect of Swiss monetary targeting that has received little attention in the existing literature. I show that … adoption of monetary targets, the SNB was able to reduce the inflation trend to low levels. However, it was less successful in … preemptive policy stance. At the end of 1999, the SNB abandoned monetary targeting in favour of an approach based on inflation …

target inflation rates as low as 2 percent. However, the effects of the constraint are non-linear with respect to the inflation … percent. The variability of output increases significantly and that of inflation also rises somewhat. Also, we show that the … increasingly short of potential with lower inflation targets. …

analysis, we conclude that if the counterfactual policy rule had been in place in the 1930s, the Great Depression would have …